Philly residents who graduated within the past five years and owe at least $35,000 in college loans, would be eligible for the tax credit being proposed by Councilman David Oh. A public hearing is scheduled on Tuesday at City Hall.
Navient's CEO said the hedge fund's approach would mean lower loan servicing quality, more delinquencies and defaults, and more intense regulatory scrutiny. Of course that was before both sides reached an agreement.
The Philadelphia-area women are among hundreds of thousands of Americans who attended for-profit schools that closed or agreed to settle government investigations for high-pressure sales tactics, unaccredited programs, poor instruction, and forcing students to take courses they didn’t need.
The new CEO of PHEAA, Pennsylvania's student loan servicer, wants to start lending directly for college again, and can borrow $50 million in municipal bonds to do so. Meanwhile the agency's finances are in jeopardy; it may stop paying into the state's tuition grant program.